CoinTelegraph Screwed Up

Bitcoin's Market Cap Flew $28 Billion Off Of A Fake Tweet

Author

Gannon Breslin
October 17, 2023

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GM

Happy Monday!

Today we are pushing out our new outline of the newsletter! Instead of just one “What’s Dropping” Section we will be displaying two! One will be web3-focused and the other will be crypto-focused. Don’t worry, even though NFTs have slowed down we will keep reporting all the biggest happenings but content-wise we will start to report on the larger crypto stories as well.

Here is the breakdown of today's newsletter:

⚡️ Caroline Witnesses Against SBF
📈📉 All the details of Cointelegraph’s massive tweet blunder

SBF’s Trial Gets Worse 🫡

SBF’s trial, jurors heard a recording of Caroline Ellison, stating that Bankman had authorized the use of customer funds from his FTX cryptocurrency exchange to repay loans for his Alameda Research hedge fund. In the recording, she is heard replying “Sam … I guess”.

💧 A refresher on events

  • SBF propped up Alameda with billions, bought real estate then donated more than $100 million to U.S. political campaigns ALL WITH CUSTOMER FUNDS (highly illegal).

  • He has pleaded not guilty to two counts of fraud and five counts of conspiracy. His excuse is basically along the lines of not meaning to do it.

  • Caroline Ellison was in charge of Alameda along with being SBFs girlfriend. She has pleaded guilty to her fraud charges and has turned on SBF in court to cooperate with the U.S. Attorney's Office

Long story short, all of SBF’s inner circle have started to turn on him to get lesser charges. It’s looking like SBF will be behind bars for quite a long time.

  • World of Women (WoW) has partnered with WS Game Company to release a special edition of Monopoly called 'MONOPOLY: World of Women Galaxy Edition'. This version will include WoW characters and other NFT collectibles, (with a Web3 twist). WoW holders will receive additional benefits of course. (NP)

  • Yuga Labs is planning employee layoffs and restructuring following the arrival of new CEO Daniel Alegre and concerns about the short-term stability of the NFT market. (AN)

  • Pudgy Penguins has been crushing it on all fronts (toys in Walmart are a big deal). But have you checked out their Instagram which consistently drops content with tens of thousands of likes and over 900k followers? Check it out here.

  • Ugg partnered with AR pioneer Zero10 for its "UGGextreme" campaign. Zero10 created an AR pop-up experience at its New York City store, allowing visitors to interact with the brand using AR Mirror technology. (JD)

Advertise Your Brand Here!

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Bitcoin Pump Fake 📈📉

BOOM TWEET OF THE YEARRRRRRR…. andddddd nope fake news

Cointelegraph, one of the leading crypto media companies in the entire space, yesterday morning fired off a tweet that sent every crypto media company scrambling to report their own version of the news. The tweet in question that was sent out is seen below:

RECORD SCRATCH … turns out this was completely false and that’s not even the worst part.

💡 Here’s the timeline of chaos:

  • A user in a crypto Telegram channel blurted out the following message: “BREAKING: SEC APPROVES BITCOIN SPOT ETF.” with no source or context

  • Cointelegraph’s intern (not confirmed lol) sent off the tweet above using almost identical language which was later deleted

  • Bitcoin’s price rockets up to $30,000 which is a $28 billion market cap move from a fake tweet

  • Turns out, this news was completely false and the SEC has not yet approved a Bitocin Spot ETF (although likely)

  • Bitcoin retraces immediately back down as if nothing ever happened

No Way Abandon Thread GIF

Other crypto media companies looking at Cointelegraph like:

  • Binance burns $450M BNB (CD)

  • Blockchain gaming is accountable for $600M raised in Q3 ‘23, 50% less than 2022 (CN)

  • SEC won’t appeal loss in GBTC case (B)

  • Coinbase tax head calls on IRS to reverse crypto tax rules (M)

  • ETH inflation vs BTC (I)

  • Tether promotes Paulo Adroino to CEO (M)

  • Apparently, Mark Zuckerburg “is a Bitcoiner” according to this top Facebook Executive. Watch here.

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.